The trending news for this month cannot be anything but the recent $1.77 billion (approximately Rs11, 400 crore) fraud in India’s 2nd biggest public sector lender – Punjab National Bank (PNB).
PNB fraud is by far the biggest in any Indian Bank and comes against the backdrop of public sector banks booking Rs. 10 trillion in bad loans and government despite tight fiscal situations bailing them out with Rs. 88, 000 crores as a part of a bigger bank recapitalisation objective. Needless to say, such a fraud has bottlenecked new lending in more ways than one and undoubtedly hurt India’s economic recovery journey.
WHAT WAS THE ALLEGATION FROM PNB?
On 29th January 2018, a PNB Official from Mumbai branch filed a criminal complaint against 4 people and 3 organizations on charges of defrauding the bank. The people included billionaire jeweller Nirav Modi as well as the MD of Gitanjali Gems Ltd, Mehul Choski. PNB also indicated involvement of two junior employees of their Mumbai branch who helped the accused.
HOW DID THE FRAUD WORK?
Esta historia es de la edición April 2018 de Mad About Money.
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Esta historia es de la edición April 2018 de Mad About Money.
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